Lambeth Custom Cabinets
AC270
Case 1: Lambeth Custom Cabinets
1. Raw Materials A $2,150.00 $1,975.00 A-What started in Raw Materials account B $1,675.00 $1,175.00 B- Raw Materials purchased $3,825.00 $3,150.00 C C- Raw Materials transferred to production
EB $675.00
WIP
A $5,650.00 $3,805.00 G A-Beginning Balance
B $3,150.00 $4,175.00 H B-What was transferred in from Raw Materials $8,800.00 $1,110.00 I C-Direct Labor during September
C $3,460.00 $9,090.00 D-Direct Labor from beginning of September
D $2,450.00 E-Overhead from September
E $1,225.00 F- Overhead from September
F $1,730.00 G- Cost for Job A-3 $17,665.00 H- Cost for Job A-4
EB $8,575.00 I- Cost for Job A-5
Finished Goods
A $9,090.00 $9,090.00 B A-What was transferred in from WIP $- B-Cost of Goods Sold
Supplies Inventory
A $620.00 $490.00 C A-Starting Balance
B $580.00 B- Supplies that were purchased in September $1,200.00 C- Supplies used
EB $710.00
MOH
A $490.00 A-Transferred in from Supplies Inventory
Labor
A $5,460.00 A- Cost of labor
Other Assets
A $16,890.00 A- Assets that were stated from the beginning
Expenses&Inc. Summary $6,125.00 $3,420.00 B A-Revenue received for each of the completed jobs $8,600.00 B- Cost of expenses $1,750.00
A $16,475.00
2. Balance Sheet September 1st Balance Sheet September 30th *Note: My balance sheet does not balance and I can’t seem to find where I went wrong. Income Statement 3. The WIP balance for Job A-5 and Job A-7 comes to a total of $3,525. The balance for Job A-5 has a total of $2,380 and Job A-7 has total of $1,145.
A5+A7=WIP
$2,380+$1,145=$3,525
A5=$180+$550+$275+$325+$700$350=$2380
A7=$590+$370+$185=$1145
4. On a full costing basis, no the order should not be sold for $1,500 when it costs $1,625 to make.
A.) I would have not taken the order from Mrs. Cater at the price of
Case 1: Lambeth Custom Cabinets
1. Raw Materials A $2,150.00 $1,975.00 A-What started in Raw Materials account B $1,675.00 $1,175.00 B- Raw Materials purchased $3,825.00 $3,150.00 C C- Raw Materials transferred to production
EB $675.00
WIP
A $5,650.00 $3,805.00 G A-Beginning Balance
B $3,150.00 $4,175.00 H B-What was transferred in from Raw Materials $8,800.00 $1,110.00 I C-Direct Labor during September
C $3,460.00 $9,090.00 D-Direct Labor from beginning of September
D $2,450.00 E-Overhead from September
E $1,225.00 F- Overhead from September
F $1,730.00 G- Cost for Job A-3 $17,665.00 H- Cost for Job A-4
EB $8,575.00 I- Cost for Job A-5
Finished Goods
A $9,090.00 $9,090.00 B A-What was transferred in from WIP $- B-Cost of Goods Sold
Supplies Inventory
A $620.00 $490.00 C A-Starting Balance
B $580.00 B- Supplies that were purchased in September $1,200.00 C- Supplies used
EB $710.00
MOH
A $490.00 A-Transferred in from Supplies Inventory
Labor
A $5,460.00 A- Cost of labor
Other Assets
A $16,890.00 A- Assets that were stated from the beginning
Expenses&Inc. Summary $6,125.00 $3,420.00 B A-Revenue received for each of the completed jobs $8,600.00 B- Cost of expenses $1,750.00
A $16,475.00
2. Balance Sheet September 1st Balance Sheet September 30th *Note: My balance sheet does not balance and I can’t seem to find where I went wrong. Income Statement 3. The WIP balance for Job A-5 and Job A-7 comes to a total of $3,525. The balance for Job A-5 has a total of $2,380 and Job A-7 has total of $1,145.
A5+A7=WIP
$2,380+$1,145=$3,525
A5=$180+$550+$275+$325+$700$350=$2380
A7=$590+$370+$185=$1145
4. On a full costing basis, no the order should not be sold for $1,500 when it costs $1,625 to make.
A.) I would have not taken the order from Mrs. Cater at the price of